Most recent article: India Gold price today: Gold falls, according to MCX data
Gold prices rose in India on Thursday, according to data from India's Multi Commodity Exchange (MCX).
Gold price stood at 69,645 Indian Rupees (INR) per 10 grams, up INR 415 compared with the INR 69,230 it cost on Wednesday.
As for futures contracts, Gold prices decreased to INR 69,661 per 10 gms from INR 69,799 per 10 gms.
Prices for Silver futures contracts increased to INR 79,686 per kg from INR 79,011 per kg.
| Major Indian city | Gold Price |
|---|---|
| Ahmedabad | 72,105 |
| Mumbai | 71,835 |
| New Delhi | 71,900 |
| Chennai | 72,090 |
| Kolkata | 71,965 |
Global Market Movers: Comex Gold price corrects amid positive risk tone, ahead of Fedspeak
- The risk that the Israel-Hamas war may spread to include Iran and spark a wider conflict in the Middle East pushes the safe-haven Gold price to a fresh all-time peak.
- Iran has vowed to retaliate against the Israeli attack on its embassy compound in Damascus – Syria's capital – that killed two Iranian generals and five military advisers on Monday.
- Mixed cues on interest rates from the Federal Reserve officials drag the US Dollar to a one-week low and turn out to be another factor benefiting the yellow metal.
- Influential FOMC members, including Fed Chair Jerome Powell, reiterated this week that the central bank will cut rates in 2024, though offered few cues on the timing.
- Powell said on Wednesday that it would take a while to evaluate the current state of inflation and emphasized the need for more debate and data before interest rates are cut.
- The yield on the benchmark 10-year US government bond retreated after hitting a four-month high on Wednesday, which acts as a tailwind for the non-yielding XAU/USD.
(An automation tool was used in creating this post.)
Gold FAQs
Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
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